Announcing the Launch of a New Programme in Russia

•••

News

February 2018

Maiden Insurance Partnerships launched a new insurance programme with Ravon Moros Rus (www.ravon.ru) and its dealer network on 1 November 2017.

Ravon Moros Rus is a relatively new and rapidly growing brand in Russia but it was built on a long and distinguished automotive heritage. In 1992, Daewoo (South Korea) and the Uzbek government company "Uzavtosanoat" (Uzbekistan) signed an agreement to establish a joint venture, Uz-Daewoo Auto Company for the manufacturing of cars in Uzbekistan. In 1996, a new plant factory began producing the popular Daewoo models Nexia, Damas and Tico. At its height, the Nexia model sold 45,000 cars in Russia. In 2002, General Motors acquired a controlling stake in Daewoo Motor and it was the base on which GM Daewoo Automotive and Technology (GM DAT) was established. In October 2015, the new brand “Ravon” was launched in Russia.

Since its launch, Ravon has rolled out four models to critical acclaim, the R2, New Nexia, R4 and Gentra. All of these vehicles leverage GM’s technology and balance features and pricing that appeals to the Russian vehicle market. The success of these vehicles was evidenced by a 900% year-over-year growth in sales for 2017. Growth will be further supported by plans to begin local production of two additional Ravon models in Russia, with expectations for enough sales to elevate Ravon to a number four OEM in Russia within two years.

For the Ravon insurance programme, Maiden is partnering with the leading CASCO insurance companies VSK, Ingosstrakh and Rosgosstrakh, and customers will be offered a wide range of CASCO insurance products services. Depending on customer preferences, varying levels of protection and coverage are available with selected tariff discounts. In addition to traditional MTPL and CASCO products, customers will also be offered other products such as GAP, extended warranty, personal accident and tyre insurance, all of which are steadily becoming more popular in the Russian market.

Vladimir Kozhaev, Managing Director of Maiden Russia LLC commented: “The Ravon Insurance programme will help drive vehicle sales throughout the Ravon dealer network. For Maiden this is another success story and has increased our Russian OEM portfolio to eight brands with others set to come online in 2018”.